Austin dabbles in the field of international racing next year as it hosts the F1 race. I believe that this move will greatly benefit the economy of the city as well as name recognition. The cost of building the track and stadium totals around $300 million, but some estimate that the facility may bring upwards of $6 billion over the next 15 years. (Source) F1 has long been an international phenomenon, huge in the European scene and considered by many to be a rich man's sport. If all goes will this means that Austin will be the new home for an already popular sport.
Economically, the city is already experiencing growth from the F1 craze, with over 200 local hotels fully booked for F1's inaugural race. Interest rates on vacation home rentals have also skyrocketed, around 25 times the norm. Hotels are able to increase their rates because the demand is so high, generating huge amounts of money. (Source) Local businesses and restaurants will also see a rise in customer numbers as a result of the weekend, because of the large influx of tourists. Austin's image will be displayed all around the world, helping to bring awareness to Austin's quirky culture and hopefully encouraging more tourism and therefore more economic gain.
All in all, I feel that bringing F1 to Austin is a lucky move on the city's part, as it will bring lots of business and awareness to the city. Hosting such a prestigious racing event highlights Austin as an emerging modern city, promoting the city's image and benefiting its citizens.